12635 Tidwell Rd, Houston, TX 77044
210
total units
1967
YEAR BUILT
93%
occupied
The Opportunity
investment summary
Price
Terms
Built/renovated
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1977/2020
5.16
120
113,056
942
$1,107
$1.17
93%
*There was a fire in Building 2. Affected units have been repaired, upgraded, and are leasing back up at higher rates.
Forest Park is a renovated workforce community with in-place cash flow and key competitive advantages in an expanding job growth corridor north of the Port of Houston. There is no additional CapEx needed for non-revenue generating items at the community, allowing new ownership to focus on the remaining interior value-add, pushing rents on turns, and implementing other income items to increase revenue.
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27 fully upgraded units (10% of unit mix) average
$381 premiums
18% effective rent growth at property since purchase by current ownership in 2021
8.6% higher rents on last ten leases
4.4% rent growth projected for submarket in 2023
and 4%-5% for 2024 and 2025 (Axiometrics)
No new units under construction within seven miles
Close
241 units (90% of unit mix) available for upgrade
Can add washer/dryer connections to 72% of units
and washer/dryers to 100% of units
Can implement valet trash (13 properties in three-mile radius have implemented it)
Can add private yards, more reserved parking, and negotiate a bulk cable/internet contract
Close
15 minutes from Downtown Houston (169K jobs)
and Port of Houston (78K jobs)
5 minutes from Interstate 10 with quick access to 610 Loop and Beltway 8/Sam Houston Tollway
Impressive 70 Walk Score and walking distance of both Kroger-anchored shopping center and METRO bus stop
Zoned to North Shore High School, #3 in Houston metro
for athletics and #15 in Texas
Revenue Growth Potential
for New Ownership
241 units (90% of unit mix)
available for upgrade
Learn More...
Market Support
for Higher Rents
27 fully upgraded units (10% of unit mix) average $381 premiums
Learn More...
Key Demand Drivers
for Value Appreciation
15 minutes from Downtown Houston (169K jobs) and Port of Houston
(78K jobs)
Learn More...
investment highlights
Revenue Growth Potential for New Ownership
Can add black appliances to units without them and/or stainless steel appliances to all units
Can add microwaves to units without them
Can add private yards, more reserved parking, and bulk cable/internet contract
Can add more amenities to
improve competitiveness
1 of 3
Market Support for Higher Rents
$200 rent gap with Class A communities in submarket
14 properties within five miles
with $100+ higher rents, demonstrating market receptiveness to higher rents
3% to 4% annual rent growth projected for 2025 and 2026 (Axiometrics and CoStar)
Zero new conventional
construction within three miles
2 of 3
Key Demand Drivers for Value Appreciation
163K jobs within 10 miles, including the Port of Houston/Houston Ship Channel
5 minutes from Beltway 8 with convenient commutes to I69,
Hwy 90, and I10
Across Tidwell Rd from
C.E. King Middle School
and 9th Grade Campus
Within 15 minutes of Generation Park (7M SF, 8 HQ) and
Port of Houston (147K jobs)
3 of 3
The Location
the property
Community
gallery
Community Amenities
- Leasing office/clubhouse
- Resident coffee and tea bar
- Swimming pool with sun deck
- Poolside lounge chairs
- Picnic areas with BBQ grills
- Children’s play area
- Open greenspaces
- Abundant open parking
- Reserved parking available
- Perimeter fencing and controlled access
apartment home
gallery
Unit Amenities
- Updated unit interiors in select units
- 8-foot ceilings
- Custom window coverings
- Faux wood flooring throughout
in select units
- White or black appliances
- Faux granite countertops in select units
- Microwaves in select units
- Ceiling fans in select units
- Washer/dryers included
- Private patios in select units
investment sales and mortgage banking
Investment Sales and Mortgage Banking
investment sales
JOHNNY KING
Director
Mortgage Banking
(713) 469-4502
johnny.king@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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